Re: Messed up my awesome credit

There've been some very good suggestions to helping you solve your issue with Sam's and Wal-Mart Discover accounts. Have you considered Consumer Credit Counseling? It works just like a voluntary chapter 13 bankruptcy but it's much more beneficial. GE Money Bank (the issuer of both your Discover accounts) will reduce your interest rates to 11% and will not continue to charge you overlimit fees. They will continue to charge you late fees if you're payments are not received on time though. (I used to work for them, that's how I know this)

CCCS will send them a proposal for a fixed monthly payment over a period of 24-36 months. Once they accept it, it's much easier on your budget. You do need to create and stick to a budget....like a few others said. The only drawback is they have the option to add a remark to these account with all 3 credit reporting agencies that states "account being managed by a credit counseling agency" or "account in a debt management plan". If you apply for credit while in the program, potential creditors will likely decline you, regardless of your fico scores. Some creditors don't add this remark to your cbr, but GE likely will. Call CCCS and discuss your situation with them. You're not obligated to do anything, just fact find. Also, make sure it's a legit CCCS organization like Money Management International. There are a lot of imposters out there so beware!

If you are a homeowner and have some equity in your house, I would first look into refinancing your mortgage and cashing out equity to pay off your debts. If that's not an option, then consider a home equity loan or the HELOC.

Call me crazy but my first guess is that you're not a homeowner or you would have already considered these options before submitting your post here. Good luck!

Re: Messed up my awesome credit

Call me crazy, but after hundreds of hours reading various finance forums, I can't say that even one in every ten cases who has gone through CCCS said they didn't have better things they could have done.

Re: Messed up my awesome credit

CCCS used to have an OK reputation, but anymore anyone who uses ANY credit counseling service turns up posting on a forum somewhere saying, "I screwed up everything using XYZ counseling service, please help." Haven't met one yet who did well with one.

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